Occasionally, the sale of the old property closes the same day the new property closes at the same closing company. This is called a simultaneous exchange. Be sure to include
1031 assignment language in your purchase agreement.
Sometimes the sale is followed by the purchase, separated by a couple of days. This is fine. You can purchase as soon as you wish. The only suggestion is if the closings are with different title companies or attorneys, allow a couple of days for the transfer of funds. Funds are not disbursed until all documents are signed.
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